BNDES has traditionally had an important role in the Brazilian financial system, but its size
has doubled in the post-Lehman period. BNDES has typically been a major source of long-
term financing for industry and infrastructure. During the crisis, it played an important
counter-cyclical role as private bank credit fell off sharply in 2009 during the height of the
Lehman related global tensions. However, it has been accompanied by a doubling of the size
of BNDES’ balance sheet from 7½ percent of GDP in 2007 to over 15 percent of GDP in
2011 (almost 10 percent financial system lending)....
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Undertakings for Collective Investment in Transferable Securities (UCITS)
Undertakings for Collective Investment in Transferable Securities (UCITS)
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